Creating a business vision statement can be an intimidating process for some entrepreneurs and even established businesses. It is, however, an important task that should not be overlooked. A vision statement tells the story of where your company is going and why you are in business. It lays out your purpose and objectives and helps shape your direction in the future. Here’s how to create a business vision statement that will direct you on the right path:
Step 1: Establish Your Objectives
Before you start writing a formal vision statement, establish what the key objectives of your business are. These goals outline what success looks like for your organization in terms of finances, customers, products and services, culture, values, or any other metric for measurement. You need to ensure that these goals are measurable and realistic. These objectives should also be aligned with the mission of your business.
Step 2: Research Your Industry
Whether you’re new in business or a seasoned veteran researching your industry is an ongoing task as markets and trends change constantly. Be sure to keep yourself informed about upcoming technologies and products, competitors’ successes (or failures), consumer trends related to products or services similar to yours, and potential applications of artificial intelligence (AI) or machine learning (ML) in areas specifically relevant to generating revenue for your business — all provide valuable insights into what may come next in terms of potential opportunities and hurdles you must overcome if you plan to stay ahead. This research will help inform the kind of vision required for your company's future performance
Step 3: Brainstorm Your Company Vision Statement
Once all this work is complete, it’s time to dig into creating a powerful vision statement. Ask yourself these guided questions:
- Why are you in business in the first place?
- How do you want to impact your customers or industry?
- In which direction will you focus your energy to achieve your goals?
We encourage you to use your most valuable resource: your employees. Rome wasn't built in a day, and the foundational vision statement of your business is no different. Share different versions of your statement with your team and make use of their feedback to see what kind of language resonates the most.
Ultimately you want people associated with your organization to have great enthusiasm when they answer the question "What do we do?” That enthusiasm should clearly shine through. Now is your chance to dream big and decide what kind of impact you want your business to have on the world.
Step 4: Create a Shareable Statement
Your vision statement should be easily understood by any reader – both inside and outside of the company - so aim to make it as clear as possible whilst maintaining its powerful message. Refrain from using jargon or technical language that could confuse readers who are unfamiliar with industry terminology; keep it simple but effective.
Vision statements are also essential because they reveal a common goal and direction for your company team.
Step 5: Create Your Own Definition of "Success"
Determine what success means to you. This should not be just about profitability but instead considering how your business might expand, create new goods, become the leader in its market, or receive the highest ratings in your industry. Take time to look at your competitors' vision statements so that you can capitalize on what makes your business different from theirs.
Examples of Business Vision Statements
Here are a few examples of vision statements from companies that have carved out enormous success:
'There will be a personal computer on every desk running Microsoft software.' (Microsoft's original vision statement)
“To bring inspiration and innovation to every athlete in the world.” --Nike
“Treat people like family, and they will be loyal and give their all.” --Starbucks
"We aim to be the most respected financial services firm in the world, serving corporations and individuals in more than 100 countries." --J.P. Morgan
Before you move onto the strategy of implementing your goals, you need to know which goals you want in the first place. By following these steps, you can create a powerful vision statement for your business that will help guide your decisions and inspire your team.